Traders Buy High Volume of Canopy Growth Call Options (NASDAQ:CGC)

Canopy Growth Co. (NASDAQ:CGC) was the target of some unusual options trading on Monday. Stock traders purchased 35,647 call options on the company. This represents an increase of 70% compared to the average volume of 21,020 call options.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CGC shares. Atb Cap Markets upgraded shares of Canopy Growth to a “hold” rating in a report on Monday, June 17th. Piper Sandler reduced their price target on Canopy Growth from $3.00 to $2.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th.

Canopy Growth Stock Performance

Shares of NASDAQ CGC traded up $0.36 during mid-day trading on Monday, reaching $4.93. 8,688,712 shares of the company were exchanged, compared to its average volume of 7,918,828. Canopy Growth has a twelve month low of $2.76 and a twelve month high of $14.92. The stock has a market capitalization of $375.66 million, a P/E ratio of -0.77 and a beta of 0.87. The company’s 50-day simple moving average is $5.89 and its 200-day simple moving average is $7.20. The company has a quick ratio of 1.64, a current ratio of 2.15 and a debt-to-equity ratio of 1.05.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). The firm had revenue of $48.39 million for the quarter, compared to analyst estimates of $51.82 million. Canopy Growth had a negative return on equity of 73.30% and a negative net margin of 240.19%. As a group, research analysts predict that Canopy Growth will post -1.42 earnings per share for the current year.

Hedge Funds Weigh In On Canopy Growth

Several hedge funds and other institutional investors have recently modified their holdings of CGC. Genesee Capital Advisors LLC boosted its position in Canopy Growth by 15.3% during the second quarter. Genesee Capital Advisors LLC now owns 15,047 shares of the company’s stock valued at $97,000 after acquiring an additional 2,000 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Canopy Growth by 13.2% in the second quarter. Mackenzie Financial Corp now owns 33,165 shares of the company’s stock worth $214,000 after acquiring an additional 3,864 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Canopy Growth by 19.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 55,566 shares of the company’s stock worth $358,000 after acquiring an additional 9,226 shares during the last quarter. TD Asset Management Inc grew its holdings in Canopy Growth by 16.1% during the second quarter. TD Asset Management Inc now owns 74,758 shares of the company’s stock worth $483,000 after buying an additional 10,376 shares in the last quarter. Finally, PCG Wealth Advisors LLC raised its position in Canopy Growth by 73.6% in the first quarter. PCG Wealth Advisors LLC now owns 31,363 shares of the company’s stock worth $271,000 after acquiring an additional 13,300 shares during the period. Institutional investors own 3.33% of the company’s stock.

Canopy Growth Company Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.